No. Getting your personalised quotes with Driva won’t have any impact on your credit score.

When you get your quotes, Driva runs a ‘soft credit check’. This means we’re able to access the credit score that lenders will use to price your personal loan, without recording an inquiry on your file or impacting your score in any way.

Once you’ve decided on your preferred lender, submitted your final application to Driva, and we’ve checked to make sure you’re likely to be approved, only then will we share your application with your chosen lender.

The interest rate represents the borrowing cost, while the comparison rate incorporates additional fees and charges associated with the loan. A comparison rate is a rate you can use to help work out the true cost of a loan. While it doesn’t include fees such as stamp duty, it does include almost all of the fees lenders will charge you.

The comparison rate is the key metric to keep an eye out for when comparing your car or personal loan quotes from Driva. We clearly specify the comparison rate of every quote we provide to you so you can quickly see which loan will cost you less. Our tip is to rely on either the comparison rate or monthly repayment figure instead of the quoted APR or interest rate as these can be very misleading! Understand more about the differences between fixed vs. variable loans.

Personal loans are versatile and can be tailored for various uses, such as debt consolidation, home improvements, medical expenses, and education. The specific loan amount and terms will depend on your financial needs and goals.

• Debt Consolidation: Combine multiple debts into one with regular repayments.
• Home Improvements: Fund renovations to enhance your living space.
• Education & Major Purchases: Invest in personal or professional growth, or make significant purchases like vehicles.

It's important to consider all fees and charges associated with the loan. Our comparisons are illustrative and personalised, ensuring transparency under our Australian Credit Licence. Learn more about personal loan eligibility.

Your credit history is a crucial factor in determining the interest rates you are offered when applying for a personal loan in Australia. Lenders evaluate your creditworthiness primarily through your credit score, which reflects your past credit conduct and adherence to credit terms and conditions. A higher credit score generally leads to more favorable interest rates, which can significantly enhance your loan affordability.

Detailed Implications:

• Lower Interest Rates: A robust credit history often results in lower interest rates because it signals to lenders that you are a low-risk borrower. This can reduce the total cost of the loan over its term.
• Loan Terms Flexibility: Borrowers with strong credit scores might also enjoy more favorable loan terms, including longer loan terms or more flexible repayment options.
• Lender Considerations: While your credit score is pivotal, lenders also consider other factors such as your income, employment status, and living situation. These elements help lenders assess your ability to repay the loan.

Fee Structure:

• Understanding Fees and Charges: It’s essential to understand that the examples given may not include all fees and charges. Potential borrowers should carefully review the terms and conditions associated with a loan to ensure they are aware of all costs involved.
• Different Comparisons: Comparing different loan offers is advisable, as terms can vary widely between lenders. Each comparison should consider how different lenders weigh credit scores against other factors.

By maintaining a positive credit history and understanding how various elements affect your loan offer, you can better position yourself to secure a personal loan with terms that suit your financial situation. Remember, the examples given and may not include all fees and charges, so always review the full terms offered by each lender. Discover what credit score you need for a personal loan.

Yes you can, however, you can also get a secured Driva car loan here, which allows you to access competitive rates of 30+ lenders. Secured car loans may also provide a lower rate than unsecured personal loans. Want to know your estimated repayment amounts for your car loan? Use Driva’s simple calculator for car loans here.

Applying for a personal loan in Australia may temporarily lower your credit score due to the credit inquiry conducted by lenders. However, managing your loan responsibly by making timely repayments, your personal loan repayments could have a positive long-term impact on your credit score and history. Thankfully, when you apply online with Driva, no credit enquiries will be made on your credit file when you get a quote, until you accept the terms of the loan and upload the documentation to proceed with the application.

Actions that can negatively impact your credit score and history include missing bills or loan repayments, defaulting on your credit facility, or making a large number of credit applications in a short period of time. 

If you’ve got any questions about the car finance process, or you’d like to chat about getting the right car loan for you, feel free to get in touch with our friendly finance team. Give us a call on 1300 755 494 or email us at contact@driva.com.au.